Law Relating to Banking in Hong Kong
Publication Year: 1994
Published by: Hong Kong University Press, HKU
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Professor Derek Roebuck is a solicitor of the Supreme Courts of England and Hong Kong. He has been a barrister in Australia and Papua New Guinea, and has written or co-authored more than twenty books on law, which have been translated into seven languages. He is now Professor and Dean of Law ...
Preface to the Second Edition
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A second edition is called for not only because the first impression has sold out but also because of important changes in the last few months both in law and practice. The Office of Commissioner of Banking has been abolished and replaced by the Monetary Authority; there have been new episodes in the BCCHK saga; recent local cases have developed the law; and the banks ...
Preface to the First Edition
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... Nobody can deny that the BCCHK collapse has exposed to criticism the system which regulates banks or that the Government is responding to that criticism, for example by recommending more disclosure of secret reserves; or that the Hongkong and Shanghai Bank's takeover of Midland Bank has given the public fascinating insights into a world which might ...
1.Banking and the Law in Hong Kong
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Perhaps the most important body of general principle is the law of contract. Banks make contracts, many thousands every day, which are governed by those principles. They are explained for the beginner in Carole Chui and Derek Roebuck Hong Kong Contracts Hong Kong University Press 2nd edition 1991, pp 2-3: ...
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The meaning of 'instrument' The word 'instrument' has a technical meaning in this part of the law. It means a document with a special purpose: to show who owns money and how that money is intended to be transferred. Moreover, it must be distinguished from a deed, which is a document under seal. What makes an instrument work is one or more signatures on it. In the technical words of the law it is ...
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The primary duty of an agent is to make contracts for a principal and deal with the principal's property. An agent can do what a principal can do. Persons such as auctioneers, brokers, bankers, barristers, solicitors, commission agents, company directors, real estate agents, partners and spouses and other family members often act as agents. The categories of agents however are never closed. ...
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Traders and merchants have always combined their resources and efforts to achieve greater efficiency and higher profits. The simplest form of such association is the partnership. The limited liability company, dealt with in the next chapter, is a later and more complex development. Both partnerships and limited companies are sometimes called simply 'companies' and many a partnership's ...
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As explained in Chapter 3, a business can be conducted by an individual as a sole trader, or in a partnership, or through the medium of a body corporate. The legal position of the partnership and of the partners was described in Chapter 4. This chapter deals with registered companies, one kind of corporate body. A corporate ...
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The state compels debtors to pay their debts. If necessary, the debtor's property will be sold and the proceeds used to pay the debt or satisfy a judgement for damages for its non-payment. But it is the debtor's general property that is available, and the creditor cannot stop that property being dissipated or reduced in value. Moreover, the principle of equal treatment of unsecured creditors ...
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Insolvency is the inability to pay debts as they fall due. The reason for that inability is not important in determining whether one is insolvent. Insolvency may force debtors into compromises and arrangements with creditors, or may lead to the liquidation of corporations, or to the bankruptcy of individuals and partnerships. ...
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Between 1841 and 1948, banking law and practice in Hong Kong evolved from English Common Law and banking practice. This law and practice, which did not originate locally, nevertheless had lasting effects on practices here, especially in the relationship between bank and customer in contract and tort. Throughout this ...
9.The Collapse of BCCHK
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Hong Kong's system of regulating banks failed in July 1991, when the Bank of Credit and Commerce Hong Kong (BCCHK) closed its doors and ceased trading. The bank had 40,000 depositors with HK$10.85 billion in deposits. Newspapers reported that depositors broke down and wept. Some went on hunger strike; others organized ...
10.Conclusive Evidence Clauses, Bank Statements and Banking Today
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Customers are now required to check their statements and report any errors, discrepancies or unauthorized debits within the prescribed notice period. The Hongkong Bank and many others wrote to their customers under the caption Changes in General Terms and Conditions informing them of the new terms and conditions, which provide that where a bank statement is sent to a ...
Table of Legislation (With Abbreviations)
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Table of Cases
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Page Count: 340
Publication Year: 1994